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Debt

6 Months Ended

Jun. 30, 2012

Note 5 - Debt

(In thousands)	June 30, 2012			December 31, 2011

6% Subordinated Debentures, due 2014	$	-		$	148,176
2001 Series IRB's with interest at 1.39%, due through 2021		8,750			9,250
Mueller-Xingrong line of credit with interest at 6.00%, due 2012		24,715			40,265
Other		50			50

		33,515			197,741
Less current portion of debt		(25,715	)		(41,265	)

Long-term debt	$	7,800		$	156,476

On May 24, 2012, the Company issued a Notice of Full Redemption of its outstanding 6% Subordinated Debentures, due 2014 (the "Debentures," and the transaction whereby the Debentures were redeemed, the "Redemption"). The Debentures were redeemed on June 25, 2012 at par value totaling approximately $148.2 million principal and accrued interest of approximately $1.3 million.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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